The University of South Carolina released measures of the economic impact of the eight campus system on the Palmetto State and University of South Carolina Beaufort in the Lowcountry on Thursday at the USCB Economic Impact Forum.

Darla Moore School of Business professor of economics Doug Woodward presented the findings at USCB’s Hilton Head Gateway campus. He noted that USCB has an economic impact of $74 million in the Lowcountry region, resulting in 1001 jobs.

Woodward was joined by USCB Chancellor Jane Upshaw, who received accolades for accomplishing this achievement in a down economy. The University has sustained significant enrollment growth, leading to an annual budget of $24M. The economic model calculated the impact number, which includes the ripple effect of USCB’s employment and payroll as well as the impact of all system alumni living in Beaufort County. This economic benefit is generated largely by tuition and USCB operations, as USCB receives only 5% of its annual budget from the state.

In response to the findings, Kim Statler queried: “Let’s ask ‘where would be without USCB in our community?’… The #1 issue globally is the quality of our workforce; our economic development success depends on an educated pool of talent… The investment we make in USCB today—is an investment to be competitive 10 years from now. Manufacturing jobs of the future will require that you are qualified to work on the technology side of the business. USCB’s Computational Science program is the type of program that is preparing students to meet the needs of the employers of the future in the Lowcountry.”

Rembold noted, “The university provides an anchor—it deepens our sense of community, our economic base and our attractiveness as a place to vacation or buy a home. It offers a level of stability as an economic driver, creating incomes, jobs and investment, that spill over again and again as dollars are spent in our community.

“Beaufort is an attractive place to retire—and we want to serve retirees who value culture and learning and community connection. USCB’s Osher Lifelong Learning program, ranked in the top 10% in the nation, is key to our future development as a vibrant retirement community. A vibrant community is an attractive community.”

Tigges concluded the event with his personal experience. “Our law firm hired some university students to work for us part-time. I was delighted with how smart they were and the work they did for us. The energy that smart young students, who are eager to contribute, provide to a business, and to a community, is one of those assets you can’t measure in dollars, but it’s there.”

This event was co-sponsored by both the Beaufort Regional and Hilton Head Island/Bluffton Chambers of Commerce.